🚗 Syarah raises $60M in Series C
Syarah, an online platform for buying and selling cars, secured $60M in a Series C round. Artal Capital led the round, with Elm, Impact46, Tawuniya, and Derayah Ventures also participating. This round includes $20M in debt from Partners for Growth, a US-based debt investor. This brings Syarah's total funding to over $82M.
💰 Investors and strategic moves
Elm and Impact46, who co-led Syarah’s Series B of $20M in 2021, joined again in this round. Syarah plans to use the new funds to expand its car marketplace, which offers nationwide doorstep delivery. The platform provides a 200-point inspection, a one-year warranty, and a 10-day trial for used cars.
🏢 Facilities and service expansion
In 2023, Syarah opened a 55,000-square-foot facility for refurbishing and servicing used cars. This has streamlined their operations and enhanced the customer experience. Syarah has sold over 20,000 cars so far and aims to grow even more with the new capital infusion.
🌍 Future growth plans
The company was founded in 2015 by Salah Sharef and Fayez Al-Anazi. With this new investment, Syarah aims to expand its reach across Saudi Arabia. Its goal is to further solidify its position as the leading marketplace for new and used cars in the Kingdom, especially as online car sales rise globally.
How will this $60M funding change Syarah's future?
